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Rating:A Big Apple Startup Preps Its First ETF Not Rated 5.0 Email Routing List Email & Route  Print Print
Tuesday, September 01, 2020

A Big Apple Startup Preps Its First ETF

Reported by Andrew Lusk, Associate Reporter

A Gotham startup is poised to enter the ETF realm.

Last month, the team at New York City-based Alternative Access Funds (AAF) [profile] unveiled their First Priority CLO Bond ETF (ticker AAA). The actively managed ETF is expected to launch this month, and it will be AAF's first foray into the ETF world, MFWire has learned.

AAF was founded in 2018 by Peter Coppa, a 17-year Wall Street veteran most recently at Marathon Asset Management.

Two AAF partners, Todd Themistocles and Steve Kim, will help manage the ETF. Quasar will be the ETF's distributor; U.S. Bancorp Fund Services will be its administrator, transfer agent, and index receipt agent; U.S. Bank will be its custodian; and Morgan Lewis & Bockius will be its legal counsel.

"Alternative Access strives to level the playing field in all areas of the investment universe, particularly with credit products, giving both institutional and retail investors greater access, liquidity and transparency," Coppa states. "With the recent adoption of other credit-focused ETFs, we felt that the natural evolution was for a first-priority CLO bond instrument, especially as investors are thirsting for yield, with strong capital preservation characteristics."

The AAF team expects to be one of the first shops to allow investors to buy exposure to the first-priority collateralized loan obligation ("CLO") bonds space via an ETF. 

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